TNT N.V. has announced that it has completed the sale of its freight management business unit to French logistics service provider GEODIS SA. The total transaction value is €460 million on a cash and debt free basis. Taking into account various deal related costs and deductions, TNT expects net proceeds of approximately €450 million. The book gain of the transaction is expected to be approximately €190 million.

Management confirmed its intention to use most of the proceeds of the sale of the freight management business to make further share repurchases, subject to necessary approvals and any unforeseen circumstances.